Hyundai Group becomes no. 2 EV brand in July

Hyundai Motor Group, including subsidiaries Genesis and Kia, is the second-largest electric vehicle maker in the U.S. after hitting double-digit market share last month.

Driving the news: The Hyundai group has quickly become one of North America’s biggest auto competitors, thanks to its ongoing year-over-year sales growth. That’s especially true for the brand’s EVs, which have continued to rise despite an overall decline in light vehicle sales.

• Hyundai, Kia and Genesis accounted for 10% of all U.S. electric vehicle sales in July.

• This puts the group in second place in terms of market share, beating former runner-up Ford, who comprised 7.4% of sales.

• While Tesla continues to dominate the market its share dipped below 50% for the first time in Q2. Registrations for the brand dropped 2.4% in June alone.

Zooming in: The EV9 is driving most of Hyundai’s growth, thanks in part to the introduction of aggressive incentives.

• EV9 discounts topped $18,000 in June, driving 1,736 units in sales.

• According to Kelley Blue Book, EV9 sales raced past multiple competing models in Q1 and Q2, beating the VW ID.4 and Tesla Model S.

• Comparatively, sales of other Hyundai EVs, like the Ioniq 5 and 6, declined last month, although both vehicles are performing better on a year-over-year basis.

Bottom line: Hyundai has done a great job incorporating customer feedback into its product design, allowing it to overtake its competitors in the EV market. Whether it can maintain that momentum though will depend on its ability to afford those heavy discounts in the long run.

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